The acreage is located south of Westpark Toll Road and adjacent to Harlem Road. It has hit the market with an asking price, but its estimated value is $35,000 to $50,000 per acre, Bill Byrd, senior vice president in Houston for Colliers International Inc., tells GlobeSt.com.

"The ideal purchaser of this property would be a master planner or developer, who would have some fairly immediate use for the property in order to develop residential homes," says Byrd, who with Colliers colleague Robert Parsley is representing Texas Industries in the sale. The frontage along Westpark and Harlem roads is prime commercial land while land along Bellaire Boulevard is tailored for multifamily development, according to Byrd. As for the commercially zoned land, he says "we're looking at retail, as well as some lighter commercial, with office-type product, as well as medical going in there."

Byrd indicates development could start as early as 2007, just based on the interest to date from prospective buyers. "I've received numerous confidentialities today and a number of inquiries by voice mail and e-mail," Byrd says. The offer deadline is March 3, with the buyer selection slated to take place March 6.

The site has been used by Texas Industries, which manufactures construction materials, as an expanded clay operation to help produce cinderblock material. "They've used most of the property for its intended use, though they'll lease it back for three years from the final buyer to finish up," Byrd says.